Biggest reasons for senior adult bankruptcies

Visit it today! The rate of and-older adults who filed for bankruptcy has more than doubled since , and the share of older people mired in the U. The explosion of bankruptcies reflects a much larger picture of financial struggles among older people, they said, largely because of changes that put increasing burdens on individuals to save during their working years to pay for their retirement. Credit card balances have also increased for older families.

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Bankruptcy Statistics

More Retirees Than Ever Are Filing for Bankruptcy -- Here's Why -- The Motley Fool

Philip Moeller Philip Moeller. New research shows an enormous increase in bankruptcy filings among older Americans. Bankruptcy: Fallout from Life in a Risk Society. Even adjusting for increased numbers of older Americans, older people are still more likely to seek protection in bankruptcy courts than in prior decades.
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Six Factors That Make You More Likely to Go Bankrupt

Bankruptcy is crushing retirement dreams. Bankruptcy is crushing the retirement dreams for an increasing number of older Americans. Since , the rate of people 65 and older filing for bankruptcy has tripled, reports The New York Times, citing a study from the Consumer Bankruptcy Project. The study looked at personal bankruptcy cases and questionnaires from those aged 19 to Depending on their age cohort, their rate of bankruptcy has increased between and percent since ," write the authors of the study.
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Visit it today! Irene Froehlich, 61, dutifully paid her credit card bills on time, even after her commission-only income fell by 75 percent two years ago. But when the credit card companies raised her interest rates, says the Chicago resident, she was backed into a financial corner. She filed for bankruptcy in November
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